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Target reports comparable sales growth of 4.5% in Q3 2019

21
Nov '19
Pic: Target Corp
Pic: Target Corp
Target Corporation’s comparable sales grew 4.5 per cent in Q3 2019 on top of 5.1 per cent last year, meaning comparable sales grew nearly 10 per cent over last 2 years. The company reported GAAP earnings per share (EPS) of $1.37 in Q3 2019, up 18.2 per cent from $1.16 in Q3 2018. The Q3 adjusted EPS of $1.36 was 24.9 per cent higher than $1.09 in Q3 2018.

The third quarter comparable digital channel sales of the company grew 31 per cent, on top of 49 per cent last year. Same day fulfilment services (Order Pick Up, Drive Up and Ship) accounted for 80 per cent of Target's digital comparable sales growth. Third quarter comparable sales growth reflected 2.8 per cent growth in stores and a 1.7 percentage point contribution from digital sales.

The third quarter comparable traffic grew 3.1 per cent, driven by increases in both stores and digital channels.

"The Target team did an excellent job serving our guests and executing our strategy throughout the third quarter. Our third quarter results are further proof of the durability of our strategy, as we're seeing industry-leading strength across multiple metrics, from the top line to the bottom line. Looking ahead, we have ushered in the holiday season with an unwavering commitment to guest service that complements our highly differentiated, value-driven assortment, our exceptional in-store shopping experience as well as an unmatched suite of easy and convenient fulfilment options," said Brian Cornell, chairman and CEO of Target.

For the fourth quarter, Target expects comparable sales growth of 3 to 4 per cent, and GAAP EPS from continuing operations of $1.55 to $1.75 and adjusted EPS of $1.54 to $1.74. For the full year, the company now expects GAAP EPS from continuing operations of $6.27 to $6.47 and adjusted EPS of $6.25 to $6.45, compared with the prior range of $5.90 to $6.20.

Minneapolis-based Target Corporation serves guests at more than 1,800 stores and at its online webstore.

Fibre2Fashion News Desk (PC)


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